Real estate developments in the province, rising property prices, homes in a Cebu township, and more
A fresh batch of Philippine real estate news is coming your way once again as last week wrapped up with several new industry updates. Property expert CBRE announced that provinces are seeing more property projects as local real estate developers move their expertise outside Metro Manila; a waterfront township in Cebu is nearing completion of its residential components; the demand for mixed-use spaces is being driven by the IT-BPM sector; Bangko Sentral predicts that real estate prices will continue to rise; and an Ayala property brand is launching a new mixed-use development in Makati.
CBRE: Local property industry is thriving in provinces
Global property consulting firm CB Richard Ellis (CBRE) said in a recent briefing that the yearly increase of projects beyond Metro Manila has contributed to the quick growth of the local real estate industry. Due to their potential in terms of economic output, provinces such as Laguna, Cavite, Bulacan, Pampanga, Cebu, Bacolod, Davao, and Cagayan de Oro are being seen as great property investment areas. CBRE also believes that the BPO industry is largely responsible for the high demand for office space not just in key areas such as Makati and BGC, but also in alternative office districts such as Alabang and Quezon City.
Manila Bulletin; June 6, 2016
PH–Hong Kong joint property venture in Cebu launches home component
Hongkong Land, the developer of Marina Bay in Singapore, is getting ready to finish the residential components of its joint project with Philippine real estate company Taft Properties in Mandaue City. The first phase of the Mandani Bay Suites—the homes being built inside the 20-hectare waterfront township Mandani Bay—will be composed of 1,200 residential units and is set for completion in 2020. The Php130 billion Mandani Bay, which will comprise residential areas, a marina and boardwalk, a green promenade, and retain and commercial components, will be constructed in a span of 15 years.
Business World; June 6, 2016
IT-BPM sector driving demand for mixed-use spaces
According to property consultancy firm Leechiu Property Consultants (LPC), the Philippine economy is enjoying rapid growth due to the information technology and business process management (IT-BMP) sector, which is maintaining the demand for mixed-use developments. LPC believes that the drive is due to the Filipinos’ need for a live-work-play lifestyle due to their purchasing power, as well as the need to live close to work caused by infrastructure and transportation problems. LPC cited Profriends’ Suntech iPark, a pioneering IT park in Imus, Cavite, mentioning how it combines commercial, business, and lifestyle components to address the needs of buyers.
Business Mirror; June 7, 2016
Real estate prices continues upsurge, says BSP
Based on the property price index released by Bangko Sentral ng Pilipinas, real estate prices have risen by almost 10 percent in the first quarter of 2016 compared to the same period last year. The price index, which tracked property prices across the country, also indicated that condos displayed the biggest annual increase at a rate of 12.9 percent, followed by townhouses with an increase of 8.5 percent. BSP also announced that half of the housing loans in the first quarter were from Metro Manila, followed by CALABARZON, Central Luzon, Western Visayas, and Central Visayas.
CNN Philippines; June 7, 2016
Alveo announces mixed-use project in Makati
Ayala’s Alveo Land recently launched a new mixed-use, multi-tower project in Makati’s Salcedo Village called The Gentry. Alveo’s newest project will be composed of office, retail, and residential components, the latter of which is seen to bring in sales of Php5 billion. The 42-story The Gentry Residences will offer 391 units starting at Php5 million for studio units up to Php25 million for three-bedroom units. The residential component will cover over 35,000 sqm, while over 30,000 sqm will be for offices and almost 7,000 sqm will be dedicated to retailers.
Philippine Daily Inquirer; June 7, 2016